22South Miami
NI•NnericaCilV
CITY OF SOUTH MIAMI
OFFICE OF THE CITY MANAGER
INTER - OFFICE MEMORANDUM 2001
To: The Honorable Mayor & Members of the City Commission
Via: Hector Mirabile, PhD Imo/
From: Alfredo Riverol, Chief Financial Officer
Date: January 4, 2011 Agenda Item No.:
Subject: A Resolution of the Mayor and City Commission of the City of
South Miami, Florida, authorizing the City Manager to finance up
to thirty eight (38) multi -space parking stations for an amount
not to exceed $420,000 and accepting the interest rate of 2.355%
with no prepayment penalty through SunTrust Bank, charging
Debt Service- Principal Account No. 001.1410.513.71 10 and Debt
Service- Interest Account No. 001.1410.513.7210; and providing
an effective date.
Background: On November I, 2010 the City Commission adopted Resolution
237 -10 -13271 authorizing City Manager to finance the multi -
space parking stations with SunTrust Bank for 5 -years at an
interest rate of 2.06 %. Since November I", the Treasury Reserve
interest rates increased by 42 basis points, increasing the rate to
2.48 %. After further negotiation, the City administration was able
to obtain the final interest rate of 2.355 %, which is locked until
January 20, 2011.
Expenditure: Debt Service - Principal Account $53.527.24
Debt Service - Interest Account $5,463.08
Accounts: Debt Service - Principal Account No. 001.1410.513.71 10 with a
current Balance of $95,086
Debt Service - Interest Account No. 001.1410.513.7210 with a
current balance of $5,500
Attachments: SunTrust December 21, 2010 5 -year Commitment Letter
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
RESOLUTION NO.
A Resolution of the Mayor and City Commission of the City of South Miami,
Florida, authorizing the City Manager to finance up to thirty eight (38)
multi -space parking stations for an amount not to exceed $420,000 and
accepting the interest rate of 2.355% with no prepayment penalty through
SunTrust Bank, charging Debt Service- Principal Account No.
001.1410.513.7110 and Debt Service- Interest Account No.
001.1410.513.7210; and providing an effective date.
WHEREAS, the 2010 -2011 approved budget reflects the allocation of funds for the
purchase and financing of the multi- spaced parking stations; and
WHEREAS, in accordance with competitive bidding procedures, three (3) banks have
provided quotes, SunTrust Bank, First National Bank of South Miami and Government Capital
Corporation; and
WHEREAS, SunTrust Bank has provided the lowest rate and has agreed to finance the
multi -space parking stations at an interest rate of 2.355% with no prepayment penalty.
WHEREAS, resolution 237 -10 -13271 authorizing City Manager to finance the
multi -space parking stations with SunTrust Bank at an interest rate of 2.06 %. The
Treasury Reserve interest rates increased by 42 basis points, increasing the rate to 2.48 %.
After further negotiation, the City administration was able to obtain the final interest rate
of 2.355 %, which is locked until January 20, 2011.
NOW THEREFORE BE IT RESOLVED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF SOUTH MIAMI, FLORIDA;
Section 1. That the City Manger is authorized to execute a contract with SunTrust
Bank for financing as described in this resolution.
Section 2. That the funding will be provided from Account No. 001.1410.513.7110
Debt Service - Principal, with a current balance of $95,086 and Account No. 001.1410.513.7210
Debt Service - Interest, with a current balance of $5,500.
Section 3. This resolution shall take effect immediately upon adoption.
PASSED AND ADOPTED this _ day of 2011.
CITY CLERK
APPROVED:
MAYOR
COMMISSION VOTE:
READ AND APPROVED AS TO FORM
Page 1 of 2
Additions shown by underlinine and deletions shown by overstri ,b.
49 AND SUFFICIENCY:
50
51
52
53 CITY ATTORNEY
Page 2 of 2
Mayor Stoddard:
Vice Mayor Newman:
Commissioner Palmer:
Commissioner Beasley:
Commissioner Harris:
SunTrust Equipment Finance and Leasing Corporation
300 E. loppa Road
Suite 700
Towson, MD 21286
Phone 410.307.6705
Lawanna,gatton@suntrust.com
SUNTRUST`"
December 21, 2010
Alfredo Riverol
City of South Miami, FL
6130 Sunset Drive
South Miami, FL 33143
Dear Ms. Rivera:
Lawanna S. Gatton
Assistant Vice President
SunTrust Equipment Finance & Leasing Corp. is pleased to provide the following proposal to finance the acquisition
of the Parking Meters by the City of South Miami, FL.
Lessee:
Type of Financing:
Equipment:
Financing Amount:
Lease Term:
Interest Rate:
Payment Mode /Amt:
City of South Miami, FL
Tax Exempt Lease Purchase
Park and Pay Meters
$420,000.00
Five (5) years
2.355%
Monthly — arrears
The interest rate is firm for a funding by January 20, 2011 subject to final approval by the Board. If the financing is
not closed within the above described timeframe, the interest rate lock can be extended at the clients request for a
fee. A $100 documentation fee will be waived at closing. If an escrow account is established utilizing our new
Escrow Agreement, a set up fee of up to $250.00 will be assessed. This fee can be paid from interest earnings on the
escrow account. The financing is subject to final credit approval by the Credit/Investment Committee of SunTrust
Bank and approval of the lease documents in SunTrust Leasing Corporation's sole discretion. Should you have any
questions, feel free to contact me.
Very truly yours,
C'
Lawanna. S. Garton
Vice President
Proposal for Equipment Financing
Page 2 of 3
Interest Rate: 2.0660% (Monthly)
Payment
Payment
Payment
Principal
Interest
Principal
Number
Date
Amount
Component
Component
Balance
10/30/10
0
0
0
420,000.00
1
11/30/10
7,373.79
6,650.69
723.10
413,349.31
2
12/30/10
7,373.79
6,662.14
711.65
406,687.16
3
1/30/11
7,373.79
6,673.61
700.18
400,013.55
4
2/28/11
7,373.79
6,685.10
688.69
393,328.44
5
3/30/11
7,373.79
6,696.61
677.18
386,631.83
6
4/30/11
7,373.79
6,708.14
665.65
379,923.69
7
5/30/11
7,373.79
6,719.69
654.10
373,203.99
8
6/30/11
7,373.79
6,731.26
642.53
366,472.73
9
7/30/11
7,373.79
6,742.85
630.94
359,729.88
10
8/30/11
7,373.79
6,754.46
619.33
352,975.42
11
9/30/11
7,373.79
6,766.09
607.70
346,209.34
12
10/30/11
7,373.79
6,777.74
596.05
339,431.60
13
11/30/11
7,373.79
6,789.41
584.38
332,642.19
14
12/30/11
7,373.79
6,801.09
572.70
325,841.10
15
1/30/12
7,373.79
6,812.80
560.99
319,028.30
16
2/29/12
7,373.79
6,824.53
549.26
312,20176
17
3/30/12
7,373.79
6,836.28
537.51
305,367.48
18
4/30/12
7,373.79
6,848.05
525.74
298,519.43
19
5/30/12
7,373.79
6,859.84
513.95
291,659.59
20
6/30/12
7,373.79
6,871.65
502.14
284,787.93
21
7/30/12
7,373.79
6,883.48
490.31
277,904.45
22
8/30/12
7,373.79
6,895.33
478.46
271,009.12
23
9/30/12
7,373.79
6,907.21
466.58
264,101.91
24
10/30/12
7,373.79
6,919.10
454.69
257,182.81
25
11/30/12
7,373.79
6,931.01
442.78
250,251.80
26
12/30/12
7,373.79
6,942.94
430.85
243,308.86
27
1/30/13
7,373.79
6,954.90
418.89
236,353.96
28
2/28/13
7,373.79
6,966.87
406.92
229,387.10
29
3/30/13
7,373.79
6,978.86
394.93
222,408.23
30
4/30/13
7,373.79
6,990.88
382.91
215,417.35
31
5/30/13
7,373.79
7,002.92
370.87
208,414.44
32
6/30/13
7,37179
7,014.97
358.82
201,399.46
33
7/30/13
7,373.79
7,027.05
346.74
194,372.41
34
8/30113
7,373.79
7,039.15
334.64
187,333.27
35
9/30/13
7,373.79
7,051.27
322.52
180,282.00
36
10/30/13
7,373.79
7,063.41
310.38
173,218.59
37
11/30/13
7,373.79
7,075.57
298.22
166,143.03
38
12/30/13
7,37179
7,087.75
286.04
159,055.28
39
1/30/14
7,373.79
7,099.95
273.84
151,955.33
40
2/28/14
7,373.79
7,112.18
261.61
144,843.15
41
3/30/14
7,373.79
7,124.42
249.37
137,718.73
42
4/30/14
7,373.79
7,136.69
237.10
130,582.05
43
5/30/14
7,373.79
7,148.97
224.82
123,433.07
44
6/30/14
7,373.79
7,161.28
212.51
116,271.79
45
7/30/14
7,373.79
7,173.61
200.18
109,098.18
46
8/30/14
7,373.79
7,185.96
187.83
101,912.22
47
9/30/14
7,373.79
7,198.33
175.46
94,713.89
48
10/30/14
7,373.79
7,210.73
163.06
87,503.16
49
11/30/14
7,373.79
7,223.14
150.65
80,280.02
Proposal for Equipment Financing
Page 3 of 3
50
12/30/14
7,373.79
7,235.58
138.21
73,044.45
51
1/30/15
7,373.79
7,248.03
125.76
65,796.42
52
2/28/15
7,373.79
7,260.51
113.28
58,535.91
53
3/30/15
7,373.79
7,273.01
100.78
51,262.89
54
4/30/15
7,373.79
7,285.53
88.26
43,977.36
55
5/30/15
7,373.79
7,298.08
75.71
36,679.29
56
6/30/15
7,373.79
7,310.64
63.15
29,368.64
57
7/30/15
7,373.79
7,323.23
50.56
22,045.42
58
8/30/15
7,373.79
7,335.84
37.95
14,709.58
59
9/30/15
7,373.79
7,348.47
25.32
7,361.12
60
10/30/15
7,373.79
7,361.12
12.67
0.00
Totals 442,427.40 420,000.00 22,427.40
CALENDAR
information about these and other
Wei
activities.
Duplicate Bridge at Temple Beth -
day
Am: 5950 North Kendall Dr.; Pi- :.
Isid
necrest. 305 -667 -6667 ext. 203. ":
atic
`Introduction to duplicate; 9 a.mI `
`'foil
Monday;$5, --
pre:
`Advance beginner lessons; 9:30
and
a.m. Tuesday; $10.
We
`Intermediate lessons 9:30 a.m. '
744
SE SUNDAY, DECEMBER 26, 2010
CITY OF Std
C®URTES
NOTICE IS HEREBY given that'me City:
Hearings at its regular City Commission
7:30 p.m., following the SMCRA.meeting,
the following Retitle):
An Ordinance amending the Land: De
order to revise the wording in Section
construction" for the purpose of clarify
have been granted a special :ezceptior
An Ordinance amending the Land Deve
order to permit a community garden as
District (Light Industrial 4) zoning, use C
a definition Hof a community? garden;.
providing an effective date.
An Ordinance. relating,toa request .R
Development Code by designating a c
Building) as an historic site and by'pli
existing zoning use district for this pro
An ordinance to amend Section 1 20-
Schedule" in order to: change these
to
in the City.,
in
ANTI
nE
in the new
r.;
sE
no-
,a-
Public
a-
r
Public
ing at,
nsider. ,
Private or linnet" use category oeing giascmea as au , I o 'co'cv, .'_ "e •- • -- _.
entitled "Special Use Conditions" in orderto set forth general and special requirements applicable to all
three school use categories.
An Ordinance relating to budget; authorizing an Increase of expense line item 615 -1910 -521 -5205 (Federal r
Forfeiture Computer Equipment) of $53,336,80, from the Federal Forfeiture Fund Balance with a balance'
of $212,643.03, $125 725 00,.
An Ordinance relating to the fee schedule; amending ordinance 21-09-2013 as amended; by ordinances to,
increasing some fees, adding new fees and deleting some fees from theschedule. r, k-
A Resolution authorizing the City Manager to purchase mapping software from LISA Software Inc. for it
total cost of $15,000.00 to be paid at $5,000.00 per year for three years and charged, to account number
668- 1910- 521 -3460 (State Contractual Services). -
A Resolution authorizing the City Manager to issue a Purchase Order to Sun Recycling, LLC for the
recycling of the City's yard waste in the amount of $135,714.75 to be charged to Public Works Refuse
Disposal Fee - Recycling Account Number 001- 1720 - 534 -4341. .
A Resolution authorizing the City Manager to 'execute .an agreement with the firm of Gila, . LLC d/b /a7
Municipal Services Bureau (MISS) providing debt collection services for a fee based ore a percentage of ,
the principal amount owed to the City, twenty-two percent (22 %) for primary collection services and thirty
percent (30° %0) for secondary collection services, and collecting the same as part of theiotal payment due
from the debtor. This agreement shall be for the duration of an initial one (1) year period with four, (4) one (1)
year option to renew periods fora possible total term of five (5) years.
C A Resolution of the Mayor and City Commission of the City of South Miami, Florida, authorizing the
City Manager to finance up to thirty eight (38) multi-space, parking stations for an amount not to exceed
$420,000 and accepting the interest rate of 2.356% with no prepayment penaft}7through SunTrust Bank,
charging Debt Service- Principal Account No. 001.1410.513.7110 and Debt Service Interest Account NO
001.1410.513.7210; and providing an effective date.
For further information, please contact the City Clerk's Office at (305) 663 -6340.
ALL interested parties are invited to attend and will be heard.
Maria M. Menendez, GMC "
City Clerk
Pursuant to Florida Statutes 266.0105, the City hereby advises the public that if a person decides toappeai any dec,si.preade by
this Board, Agency or Commission with respect to any matter considered at its meeting or hearing, he or she will need a record of
the proceedings, and that for such purpose, affected person may need to ensure that a verbatim record of the proceedings is ma.
which record includes the testimony and evidence upon which the appeal is to be based.
CITY OF SOUTH MIAMI
NOTICE OF PUBLIC HEARING
NOTICE IS HEREBY given that the City Commission of the City of South
Miami, Florida will conduct Public Hearings at its regular City Commission
meeting scheduled for Tuesday January 4 2011, beginning at 7:30
p.m., in the City Commission Chambers, 6130 Sunset Drive, to consider
the following item(s):
A Resolution of the Mayor and City Commission of the City
of South Miami, Florida, authorizing the City Manager to
finance up to thirty eight (36) multi -space parking stations
for an amount not to exceed $420,000 and accepting the
interest rate of 2.355% with no prepayment penalty through
SunTrust Bank, charging Debt Service - Principal Account
No. 001.1410.513.7110 and Debt Service - Interest Account
No. 001.1410.513.7210; and providing an effective date.
ALL interested parties are invited to attend and will be heard.
For further information, please contact the City Clerk's Office at:
305- 663 -6340.
Maria M. Menendez, CMC
Ci y Clerk
Pursuant to Florida Statutes 286.0105, the City hereby advises the
publicthat if a person decides to appeal any decision made by this Board,
Agency or Commission with respect to any matter considered at its
meeting or hearing, he or she will need a record of the proceedings, and
that for such purpose, affected person may need to ensure that a verbatim
record of the proceedings is made which record includes the testimony
and evidence upon which the appeal is to be based.
12123 10- 3- 214/1622822M